Cbdc Anti-Surveillance State Act

Floor Speech

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Mr. WILLIAMS of Texas. Mr. Chair, I rise today in support of H.R. 5403, the CBDC Anti-Surveillance State Act.

This necessary legislation would prevent the Federal Reserve from issuing a central bank digital currency to individuals directly or indirectly through a financial institution. This bill also prohibits the Fed from using a CBDC as a tool to implement monetary policy and control the economy.

Around the world, governments have weaponized central bank digital currencies to track the spending habits of their citizens. In China, the CCP uses CBDC to track spending of their citizens and created a social credit system, which punishes individuals based on their spending and behavior. We cannot allow this kind of surveillance to be imposed on American citizens.

The issuance of a CBDC by the Federal Government would lead to decreased competition as the Federal Government would then be in direct competition with banks. This is antibusiness for the benefit of Big Government. A government-controlled CBDC is an attack on Americans' privacy and free-market competitiveness.

Mr. Chair, I urge all of my colleagues to support H.R. 5403. In God we trust.

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